World-class retail partner cements its GCC fashion credentials with two new brand signings.
Dubai, UAE: Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, announces a joint venture with Monsoon Accessorize in the UAE, Bahrain, Qatar, Oman, and Kuwait, and an additional franchise partnership with Sacoor Brothers in the Kingdom of Saudi Arabia. Known for leading fashion brands throughout the GCC & Levant region, Majid Al Futtaim Fashion is the international retail partner of choice for some of the world's most desirable fashion brands, and currently boasts more than 135 stores throughout the MENA region, with 14 brands in seven markets.
Rajiv Suri, CEO of Majid Al Futtaim, the fashion retailing arm of Majid Al Futtaim, said: "As an increasingly relevant player in the fashion industry, we are pleased to be able to form unique partnerships with international retailers such as Monsoon Accessorize and Sacoor Brothers. Our proven history, the group's financial capability, network to secure valuable real estate, and expertise in matching effective brand positioning with retail execution results in our exceptional performance. Forming franchise partnerships underlines our commitment to seeking out new opportunities, and establishing joint ventures with significant investment proves our dedication to the long-term success of brands. The recent Mall of the Emirates extension is a great reflection and indicator of our reputation in the market, where we were the first ever international partners for Abercrombie & Fitch, AllSaints and lululemon athletica."
Monsoon Accessorize, renowned for unique fashion and on-trend accessories, has formed a joint venture company with Majid Al Futtaim Fashion, who is taking over from the previous franchise partner to exclusively retail the brands throughout most of the Gulf. Majid Al Futtaim Fashion will spearhead a new era of growth, brand enhancement and repositioning through refurbishments, marked by the roll-out of a fresh new look and store concept at flagship locations. Majid Al Futtaim Fashion plans to add ten stores to the existing portfolio of 65 by the end of 2016.
Paul Allen, Chief Executive of Monsoon Accessorize, added: "We are extremely pleased to announce our new relationship with such a strong and successful group as Majid Al Futtaim. I am confident they will take the Monsoon and Accessorize retail concepts to new heights in the region and ensure that more shoppers have access to our unique fashions. "At the same time I would also like to thank the Jawad Business Group, our previous franchise partner in the region, for all their support over the course of the past 15 years."
Sacoor Brothers is pleased to align with Majid Al Futtaim Fashion as its first franchise partner in the Kingdom of Saudi Arabia. The international lifestyle brand, founded in Lisbon in 1989, offers apparel, quality footwear and accessories for men, women and children. The company has its sights set on expansion, with plans for new 25 stores over the next five years, with Granada Mall, Hayat Mall, and Panorama Mall in Riyadh, and Rashid Mall Al Khobar scheduled for Q3 2016.
Malik Sacoor, Chairman and CEO at Sacoor Brothers commented "We are extremely pleased to announce our new relationship with such a strong and successful group as Majid Al Futtaim. They are the key to success in our regional expansion, supporting us with opening stores, and making introductions in a new country; the Kingdom of Saudi Arabia. The brand has established a significant presence in the region, and we are tremendously excited about the roll-out of a further 25 new stores in Saudi Arabia, where brand awareness is already high."
As one of the younger parts of the business, Majid Al Futtaim Fashion was given a mandate to grow the fashion arm of the business, and with the ability of the overall group, the prime real estate, and capital investment, it is well placed to attract existing brands in the region and international fashion labels.